India's TV18 Broadcast falls as soft advt demand dents Q3 profit

TV18 Broadcast

17/01/2023 07:23

(Adds details from Press Release)
    ** Shares of TV18 Broadcast Ltd  TVEB.NS  fall as much as
3.2% to 35.85 rupees, their biggest intraday pct loss since Dec.
23
    ** The operator of CNBC TV18 business television channel on
Tuesday said qtrly net profit slumped ~80% to 416.4 million
rupees ($5.09 million) hurt by soft advertising demand that
crimped revenue
        ** "Driving growth was challenging due to restrained
spends by brands across categories and a sharp pull-back by
start-ups and e-com players," - co says
    ** Rev from ops for the Dec-qtr was 17.68 billion rupees, up
12.8%
    ** Adds, total ad inventory on TV declined 10% YoY with News
category posting a 27% slump 
    ** About 3.9 mln shares change hands by 11:45 a.m. IST vs
30-day avg of 7.4 mln shares
    ** Stock down 17.4% last year
    ($1 = 81.7900 Indian rupees)
 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com;))